Gecina (GFC) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial growth in 2025, with EPS up 4.2% year-over-year and a 26% increase since 2021, driven by revenue growth, disciplined cost management, and robust leasing activity, especially in prime Paris and New York locations.

• Doubled office leasing performance versus 2024, letting 150,000 sq.m at an average +8% rental uplift; residential leasing surged with over 1,700 leases signed, tripling last year's figure.

• Dividend per share rose to €5.50, reflecting a 7% yield and 82% payout, with further growth expected.

• Active portfolio rotation: €1.0bn of disposals at 3.2% yield, reinvested into €0.6bn of acquisitions at ~6.1% yield and €0.2bn into development at 5.8% yield.

• Exceeded 2025 CSR milestones, reducing energy consumption by 33% and carbon emissions by 63% since 2019.

Financial highlights

• Like-for-like rent growth of 3.8% and consolidated revenue growth of 2.6% year-over-year, outperforming indexation.

• EBITDA and recurring net income rose over 4% year-over-year; since 2021, these metrics are up nearly 25%.

• Portfolio value increased 2.3% like-for-like since end-2024, with Paris CBD and Neuilly offices up 4.6% and 5.5% respectively.

• Annualized rental income at €708m, down €17m from prior year due to disposals and redevelopment, partially offset by new deliveries and acquisitions.

• G&A expenses down 4% year-over-year; cost ratio improved by 270 basis points since 2021.

Outlook and guidance

• EPS/recurring net income guidance for 2026: €6.70–6.75 per share (+0.2% to +1.0% YoY).

• Dividend proposal of €5.5 per share, a 7% yield with an 82% payout ratio; anticipated to gradually increase through 2030.

• Medium-term dividend payout ratio targeted at 80–85%.

• Pipeline projects and flagship redevelopments to drive €80–90m annual rents by 2028, supporting future earnings and dividend growth.

• New 2030 CSR targets: carbon emissions below 5.5 kg CO2/sq.m/year and net-zero carbon at delivery for developments.